ConocoPhillips To Reduce 2010 CapEx By 2010 (COP)

ConocoPhillips (COP), the third-largest U.S. oil explorer, said it it will spend $11.2 billion on capital projects in 2010, a 10% retreat from estimated 2009 spending. The company previously said it would reduced 2010 spending to reduce its debt load and improve its cash position.

About 86% of 2010 spending will be devoted to exploration and production. Another 12% will be spent on the refining business. Warren Buffet's Berkshire Hathaway (NYSE: BRK.A, BRK.B) is the second-largest ConocoPhillips shareholder.